there are foreign policy challenges. i think the next president will have a moment between november 7. i agree, he has to begin in the summer fall of 2013 to do a lot. i would bet contrary to conventional wisdom that would be huge legislative agenda. i think whatever one wins. i don't buy the gridlock argument. if obama gets reelected, he will have kind of a man they basically have to go with his version of a big deal, which will be bowles/simpson, though left version of bowles/simpson and a little aggressive entitlement reform than people would like. and if romney wins, he'll have a mandate for some version of the wine budget, probably time for a little to get democratic votes. to become president he will have a mandate or something close to that. either way would get a pretty big deal plus the pressure of the debt limit in the other things in markets that they are. i think 2013 becomes a big entitlement reform, tax reform, budget reform moment. it doesn't mean, the sort of gets to john's point, and amazing tidbit and s